Tuesday evening, Yellen told CNN’s Wolf Blitzer that her prediction was incorrect due to unpredictable shocks to the market that she didn’t fully understand.
“Well, look, I think I was wrong then about the path that inflation would take,” Yellen said after Blitzer played a clip of her misguided assessment of the economy. “As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t — at the time didn’t fully understand. But we recognize that now.”
Like President Joe Biden’s recent opinion column in The Wall Street Journal addressing inflation, Yellen shifted the primary responsibility onto the U.S. Federal Reserve.
